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. >>> well on come to wourd wide exchange. as is an decide barrels towards the east code, u.s. authorities order thousands to evacuate for the the biggest storm. >> my first message is to all the people across the eastern seaboard atlantic going north that you need to take this very seriously. >> all u.s. stock markets will be closed today. its first weather related closures in 27 years. and shares in ubs rise in the open after reports swiss bank may cut 10,000 investment banking jobs and wind down up to 15 trading businesses. police wen and his family fight back. their lawyers call it untrue and are considering legal action against the "new york times." for our u.s. viewers, the show will be on just one hour this week because europes has gone off daylight savings time, so we're just four hours ahead now of new york time. hurricane sandy is also still several hours away from make landfall, but the impact of the storm is already being felt. transportation has ground to a halt as new york and other major eastern cities have shut down mass transit, airlines canceling flights and
. >> europe went off daylight savings time a week ahead of the u.s. back to full schedule next week. in the meantime, sandy is no longer a hurricane by name, but still making a major impact. storm made landfall monday night along new jersey east koer. still packing hurricane force sandy is expected to weaken, but the rain could linger. already at least ten deaths have been blamed on the storm. u.s. markets will be closed for a second day today. still electronic trading. the last time by the way the new york stock exchange was closed for more than a day because of weather, 1888. when a snowstorm piled up to 40-foot drifts. u.s. refineries had to shut nearly all the east coast fuel supplies ahead of sandy and they'll begin assessing damage today. three of the key six refineries shut down. analysts estimate sandy could cost between $5 billion and $10 billion in ensured losses. it would be the fifth costliest hurricane in u.s. history. sandy could cause more wind and flood damage than hurricane irene did last year. new york city and especially lower manhattan saw its shares of flooding
there as tensions between the two countries intensify. the u.s. government suing the nation's biggest mortgage lender. we'll take a look at how the global industry is faring. then it's off to paris. the stricken car maker is downgraded by moody's a day after demonstrators stage protests. we'll have details from the french capital. and we'll head to new york where there's an appetite for young, profits that is, up nearly a quarter from a year earlier. we'll take a look on a big day for earnings on wall street. and a big week that's coming up. joining us now onset, though, bob mckey. bob, you're here with us, chief economist from independent strategy. i guess let's just begin by talking a little bit about some of these headlines that we're hearing from the imf regarding financial stability. obvious, i guess, to sort of draw attention to this issue, but in your mind, is there still lingering risk out there from the lack of reform, i guess, in some areas of the industry? >> i think what the global stability report is showing -- it's the third report the imf brings out at this semiannual meeting. e
the point that the u.s. certainly looks better than everyone else. so, the key question is, can the u.s. avoid catching the world's cold? >> that's a literal statement. the u.s. looks better than other xhis in the world but it's not a great spot to be in. with the amount of policy and political uncertainty, the u.s. -- even the u.s. recovery staying strong is certainly not a sure thing. they'll be buffeted by headwinds from abroad because china and india are not doing well. even u.s. has a rocky road ahead. >> you go through nearly every region of the world and talk about all the negatives in every part of the world. is there going to be a global recession? can you put a percentage on it? what's your estimate? >> well, right now it's political and policy uncertainty that's really the big story in virtually every economy. central banks around the world have put a floor on risk, and that's what i think is helping financial markets stay afloat. if you look at the confidence indexes i look at in my overall index, that doesn't look good at all. consumers and businesses around the world seem
. now residents belong a long and costly recovery process. >> the u.s. markets are set to reopen after being closed the last few days. the new york mass transit system is still shut down. >>> new sthats now expect profit growth to hit the slowest since lifting. >>> welcome to today's show. the good news is financial markets start trading again. >> well, good news or it depends on how they open. certainly there's people with pent up demand. >> i think whatever happens, the fact that we're back up and trading is a good thing. >> the interesting question is why. but why couldn't the new york stock exchange have gone with its electronic trading systems. will this serve as a catalyst to maybe pursue that route the next time with more confidence. >> it's a day of cleanup. >> yes, it is. millions of people in the northeastern u.s. will spend days or weeks to recover from sandy, which is being blamed for at least 46 deaths. at its peak, more than 8.5 million homes and businesses were without power. new york city and new jersey, especially the jersey shore, were the hardest hit. president obama
as competitive in the world as it once was. you see evidence of the u.s. getting some of it back. so mexico sort of had its breakfast, lunch and dinner the past 20 years by china appearing on the scene is probably in the early stages of regaining some of that a. so i think mexico is a big winner. southeast asia, philippines, for example. >> all right. jim, stick around. more to come from you. let's get over to asia and get a wrap of the day over there. >> thanks, ross. asian markets were mostly higher buoyed by improved data in u.s. and europe and also the rba rate cut. surprising move from the central bank helped the australian market end at a five month high. resources and banks enjoyed the rally. the aussie dollar on a one month low on the back of that decision. more companies announced profit warnings as concrete signs of a fwleb al slowdown, but shipping companies rebounded on some short covering.korea, the bok a it would for growth. but the kospi ended flat. losses in hyundai motor and samsung electronics ahead of its q3 earnings guidance. the company also officially added the iphone 5 in
weakness from asia and to a lesser extent, weakness in the u.s. as well. asia slowdown really hittin>> i cart and horse on that. the euro is falling to a session low, post those two bits of data. bund futures extending their gains as well. may not do anything for stock sentiment. talking about asia, china's manufacturing activity was up at a three-month high. the early read suggests the recovery. that wasn't enough to stop a 12th consecutive month of pmi contraction. some analysts still see the need for further stimulus. what is this telling us? are we now on the bottom of the downturn? not the downturn, the slowdown? >> possibly. it's too early to tell. it's only just in -- >> suggest there the chinese survey, the official government one might come out above 50. >> it may well do. but i think one of the interesting things was that the rate of decline has eased quite significantly. the smallest fall for five months. but in there, when we were reading through the reasons, they were saying that their trade had been disrupted due to the spat between japan and china. if we perhaps make a men
. >> imf down grades global growth saying europe and the u.s. needs to get their finances in order or risk further weakness. >> the euro trades lower as draghi speaks in brussels. the ecb president announces proposals to deal with risks from the banking sector. >> plans to make further proposals for macro policy particularly on vulnerabilities linked to bank funding. >> angela merkel faces a tough reception in greece as protesters take to the streets. >>> and alcoa kicks off what could be subdued u.s. earnings season. third quarter results of the s&p 500 are expected to drop overall snapping 11 quarters of gains. >>> okay. good to have you back. >> good to be back. you were out, i was out, it was -- >> and i was a little worried about what you were up to, so i do admit, i had you followed. and my man, he sent me back this photograph. >> oh, no. >> that is you with the goggles, right? >> yes, that's me with the goggles. >> what's going on? >> that's my sister at the end there. so i was back at my alma mater in virginia for my college reunion. part of that was -- >> to dress up and pretend y
company's performance will not be affected by the outcome of the u.s. election. >>> plus top oil producers forge ahead with ambitious output targets banking on stronger chinese demand. >>> and president obama and mitt romney are set for round two of their presidential debates tonight with the task of winning over undecided u.s. voters. >>> we start to get the into the meat of the week. advancers outpacing decliners by a little more than 6:3. yesterday ftse was up 0.2%, dax up 0.4%. this morning another third percent gains for the ftse 100. c 40 up 0.4%. ibex up about 1.10%. s&p putting a negative outlook on biggest spanish banks. let's show you where we stand. not impacted on the stocks. as far as bond issues are concerned, we have a t-bill auction coming out today in spain. we'll get the results of that in about an hour. 5.82%. spanish yields slightly higher than where we were yesterday. italy is fairly contained. the big test for spain will be on thursday. first time we've had a primary debt auction out of spain since the s&p downgrade last week. we'll keep our eyes on gilts, as well. uk
still for the u.s. dollar. the trade for the australian dollar has been down since then. so it seems as though that might be a little bit broken. dollar-yen rates fairly stable for a couple days, but still we are seeing story up and down a tenth of a percent. euro/dollar -- 129 and a quarter is the handle. the golden week holiday has been impacting liquidity, although some people really take you off for some of those beach destinations. >> really a lackluster day of trade. the hang seng came back from holidays, to end marginally in the green. strength in defensive telecoms were partially offset due to falling oil prices. over in japan, the nikkei heat a three-week low as investors remained cautious ahead of the boj and ecb meetings, but the retailer rallied, because annual group sales could top nearly $1 billion. if so, it would be the first japanese retailer to ever reach that scale. over in australia, the asx 200 edged up to a 14-month high. minors slumped following a short rise in the trait deficit. india now higher by .2%. >> up next, uk drinks maker have been given an extinction
headlines. the september u.s. jobs report is up on the mood of investors with data expected to show another month of modest yet unspectacular growth. samsung expects another record quarter of smartphone sales, but analysts say this could be the peak. and the bank of japan holds off on more easing for now, but opening the door to more action later this month. also, spain's finance minister says the country does not need a bailout facing a skeptical crowd in london, but could rajoy be cornered by the leaders of france and italy at a meeting today? i've been away for a couple of days and thanks for whoever filled in. on today's show, planning more sanctions on iran. we'll look at the worsening impact on the panel of experts. larry fink said the u.s. housing market is inching closer to a rebound. we'll hear more from that interview. and can the united states dodge a financial cliff in we'll speak to a guest who has clear ideas of what needs to be done. first it's about the jobs report, unemployment report due out at 8:30 eastern. economists think yet another month of modest job growth, but not
. >>> then in another exclusive, u.s. bankcorp ceo on his company's earnings. >>> and trouble ahead? s&p's chief economist tells us about three big risks looming on the economic horizon and why there's no room for error. find out what they are ahead on the "closing bell." for [ male announcer ] it's a license to drive. but to you, it's a leap of faith. it means letting go... and learning to trust. ♪ all across america, thousands of teens showed state farm what it means to them. ♪ at a national event that gives new drivers the knowledge they need to take the wheel. we call it celebrate my drive. you might call it peace of mind. learn more at celebratemydrive.com. sleep train's best rest event is ending soon. don't miss your chance to get sleep train's very best mattresses at the guaranteed lowest price. plus, pay no interest for 3 years on beautyrest black, stearns & foster, serta icomfort, even tempur-pedic. and rest even better with sleep train's risk-free 100-day money back guarantee. but the best rest event ends soon at sleep train. superior service best selection, lowest price, guarantee
, further expand their network in the u.s. >> what is the attraction here for softbank? >> this comes after the transaction of another acquisition in japan. so it's in line with what they've explained to investors over the past two years. where they want to take the company, expand into the telecom sector. and this will allow them to get a foot hold into the u.s. market which they currently don't have a presence in and the inner -- with their massive capital expenditure going forward. >> do you think they're going to start lowering prices or do you think they'll keep prices where they are because they like the cash generation from it? >> as far as bill porter is concerned from softbank's perspective, this will make them the third largest wireless carrier over in the u.s. behind verizon and at&t. and so i think eventually once we deal with the forward capital expenditure that they'll have to invest in going forward, i think we can all talk about, well, is this going to also impact prices in the u.s. but first they'll expand their network before talking about is it going to lower prices. >> a
situations to stabilize, as well, because of the improving signs in u.s. economy and that will help the china market to fund the bottom and reverse the down trend oig by the second half of the fourth quarter. >> we're looking at this transition towards domestic consumption. the retail sales that we've been looking at as you're suggesting not exactly brilliant either. if you're looking for more policy initiatives, what are they going to be and are they going to focus on that retail consumer side? >> the retail consumer side, yes, they will focus on it, but it will not be a quick fix. trying to encourage more retail and more consumptions, you need structural changing wage growth which they are doing, but they can't to it overnight. and also in providing more social securitys. and that's going to take a while. and i will say that the quick fix is more on the investments which they have already announced sizable stimulus in infrastructure spending. of course the largest component of the gdp which is the fai. and that would be short term solution. long run, yes, they are also working on the retail
. and a late burst of spending by consumers is likely to boost third quarter u.s. gdp, but growth may still be too sluggish to bring down employment. welcome to today's show. the last one of the week here. and just remind you plenty to get through as we count down toward the gdp number in the u.s. we'll have an interview with the boss of jpmorgan, jamie dimon. his views on the election and his outlook on the economy. microsoft is unveiling its windows 8. we'll have the latest plus in-depth analysis at 11:45 cet from new york. at 10:20, we're heading to hong kong. big day for earnings from chinese lenders. and then at 1 ch11:50, we're in chicago and third quarter u.s. g gdp. apple corporate figures up 24%, but it missed analyst forecasts. second straight miss for the company. revenues rose 27%, slightly better than expected. apple sold nearly 27 million iphones. the iphone 5 was released at the end of the quarter, but ipad sales were well short of forecasts. apple first quarter guidance which includes the holiday shopping season also trails analyst estimates. lowist figure in around four yea
. public sector purchasing has been suffering and huawei didn't have a lot of share in the u.s. to begin with. but companies that do business with the government might back away from considering huawei. they're the number two telecom maker in the world so this might help cisco gain some share in other markets where governments could be influenced by the u.s. move. could also help erickson, the number one telecom commitment supplier. juniper has set up demo labs to try to push the brand. the key is what happens in europe. u.s. is just 4% of huawei's business. europe is more like 14%. that's where u.s. companies will look to gain an advantage. >> jon, china is also key to another tech company in the news today, apple. the company that assembles iphones is denying reports of strikes over the weekend. what's going on with this. >> well, it's interesting. when this first china labor watch report came out saying that there had had been these strikes, i was a little bit skeptical because that organization has pushed awfully hard against apple. its tone has been a bit harsh about apple's labor r
around 3 million jobs in the u.s., while adding almost as many overseas. no company went global more aggressively than general electric, the conglomerate that makes everything from refrigerators to m.r.i. machines to jet engines. yet as lesley stahl reported in october 2011, when president obama was looking for someone to help get americans back to work, he recruited a most unlikely candidate: the republican ceo of general electric, jeff immelt. >> the mood is dark. people are pissed. why not try to do better? >> jeff immelt talked about his czarship at a gathering of g.e. managers. >> you know, i grew up in cincinnati, ohio, and my parents are really right-wingers. my dad watches, like, five or six hours of fox news every day and stuff like that. so i called home and said, "hey, just to give you a heads-up, you know, i'm gonna be with the president, and he's asked me to lead this jobs council." and my mother said, "well, you said no, of course, didn't you?" [laughing] i said, "no, mom, that's not what i said." [cheers and applause] thank you. >> when you were chosen, there was a lot
to fix the u.s. economy. waiting on spain, the ecb expected to hold steady on rates. country's president tells cnbc that europe's policymakers must remain focused. >> if we get bogged down into what was meant by the june agreements and waste time on this kind of discussions, then it's much less likely that a coherent system will emerge. >> madrid continues to put faith in the hands of private investors while finance minister heads to london to raise funds for the country's bad bank. and india's crucial services sector grows at its fastest rate in seven months, while the government gets set to take another swing at boosting it through foreign investments. thanks very much for joining me. anyone that's missing ross, he'll be back in tomorrow. but for now, you're all mine. . plenty to come on the next couple hours of the show. lots of guests to help us figure out what's going on. we'll get a view from sydney about cautious shoppers. borrowing costs are expected to fall. we'll bring you those results from madrid. and we'll head out to malaysia for an exclusive interview with the country's pr
suisse 3r50iprivate bank. as an investor as we watch the maturation of the u.s. election campaign, what actually matters some. >> the fiscal cliff. obviously many things matter at the more detailed level, as well, but we're all worried about how that will be sorted out and the way that the white house goes, the way congress goes is pretty critical to that. >> have you heard anything from anybody that made you more comfortable, or is it just a big -- how do we price it in? >> when we talk to investor, the line we're getting is people believe that everything will be sort of all right on the night and that some neat compromise will be found. and that is the best central guess, but that's still worrying because it means you've got some if you like good news in the market and if things were to go wrong hfr- >> how would we price things going wrong? >> we would see a selloff in all sorts of assets. clearly in stocks and treasuries could go either way. but who knows. >> obviously we have to find out whether each party will budge on these core issues. we asked john mccain about this and we'll g
. >>> consumer spending making up 70% of the u.s. economy, this holiday shopping season a key gauge on whether this sluggish economy can shift into a somewhat higher gear. new numbers out today from the world's largest retail trade association, the nrf, says u.s. retail sales should rise 4.1% this holiday season. pretty merry. don't get too excited. that is actually slower than the growth the past two years. so, why the slow down in the nrf says the biggest things holding consumers back is uncertainty over the economy and whether congress can strike what deal and avoid the so-called fiscal cliff. >>> one major retailer hoping for a merry holiday season is jc penney. ceo ron johnson continues to outline his plans for the struggling chain store. the stock down 30%. johnson speaking on the record and excuse swivel our courtney real been the state of his business. courtney? >> hi, tyler, good afternoon. jc penney ceo ron johnson has just begun speaking. the toirng the rocky road to reinventing retape. spoke with johnson exclusively before he took the stage at the event. now, 700 of the total 1100
is that the u.s. has become important again. ♪ not ascendant, but important. sure, there are plenty of days we can come in here and note that our s&p futures are down big because spain is having problem or china's economic growth has slowed. we can keep pondering what happens if the haves and the have not nations of europe can't come to an agreement to bail out spain. we can sweat the program of every single disappointing piece of chinese data. or we can recognize that the united states has begun to reassert itself as the dominant market on the globe, filled with many stocks that simply aren't impacted by world events and others that have enough domestic business to offset any global worries out there. today is the perfect example. we woke up to news that once again, some data point from china showed a further decline in that clearly faltering economy. then the book of negativity was tossed to europe where we saw still more dillydallying. will spain take the bailout or not? it's the european spinoff of deal or no deal. by the time we get to our market as represented by the s&p futures i saw th
intact. for me, the election is a big, big deal. even though it's u.s., not europe f the election is messy, if people get nervous about that oar the fiscal cliff, we'll see the euro fall as money goes back to t bills. >> it's a great point. ri rick, what are you seeing today? >> i'm a little nervous about trying to buy the current selloff in the treasury complex because, of course, itti could t a life of its own. on the other hand, they don't say even though starts and new home sales may be improving, there's still a huge foreclosure buildup that may be sitting on the books in banks. they continue to operate on these assumptions of a range. they believe the euro currency is going to have a hard time getting above 132. they're looking at the dollar/yen in terms of potential. they're also looking at the s&p. when we get within 3 to 5% of the all-time highs, they're looking to fade that move. >> it's interesting. what do you think the next catalyst will be for this market, guys? in terms of what leads investors. we have the election on the horizon. the fundamentals story was supposed
of the general world economy. we see uncertainty in the u.s. and china slowing. >> bp is in advanced talks with rosneff but says no decision has yet been made. and president obama, mitt romney head into their final debate tonight as new poll shows they're now in a dead heat with just two weeks to go before election day. and plus japan records its sharpest export since last year's devastating earthquake. raising fears the world's third biggest economy could be slipping back into recession. it's the start of another week here on on "worldwide exchange." kelly is state side helping to host "squawk on the street." p meanwhile plenty to come still on today's show. here in london, protesters have been marching against austerity. one of our reporters was there. demonstrators took out their anger on multinational companies. in new york, wall street a underwhelmed as corporate giants like ge, part owner of this station, had cautious revenues. we'll pibd out if cat pill what are and yahoo! will buck the trend or affirm it pnd and obama and romney squaring off, who is likely to deliver the knockout b
, three town. president obama and mitt romney dual over foreign policy and the health of the u.s. economy in their third and final debate. made vase mire lays out her vision of yahoo! as the internet company posted better than expected third quarter figures. but burberry an lis cutting price targets. and bank of israel splaning for all sorts of eventualities among tipped tensions. . >>> on today's show, plenty to get through of course. let's remind you what's coming up. we'll discuss the presidential debate with experts one which president obama says was clearly the winner while the other thinks romney was the one who looked more presidential. we'll hear from the governor of israel stanley fisher with a live update from tel aviv. and we'll get an in-depth analysis on the latest earnings out of japan. find out what stocks our guests think is a buy at 10:30 cet. also is there more easing on the cards for the fed? we'll head out to philadelphia with the latest expectations. the fed begins its two day meeting. but first, president obama and mitt romney faced off for the third and final time b
a comeback after the u.s. began sunday with a big lead. europe has won five of the last six matches. this was a heartbreak for anyone watching this. we'll talk more about that a little later this half hour. but first before we get to all of that, andrew has this morn g morning's other top stories. >> we have global data this morning and not all of it that great. eurozone manufacturing reporting its worsts quarterly performance since the depths of the great recession. factories were hit by falling nand. survey suggests that the downturn began in smaller periphery countries has now taken root in core members including germany and france. speaking of europe, an expert group will present its findings to the eu commission, that's coming tomorrow. the proposal could recommend european banks separate retail banking from their riskier investment arms. but eu regulators said to be unlikely to pursue such reforms at a time when they're trying to rebuild a banking union. and asia, a survey showing the economy has certainly suffered a seventh straight quarter of slowing growth. hsbc china manu
? similar to anything here in u.s.? >> it's similar. it's a symptom of western societies, democracies that have overspent where essentially debt has gasoline in the private sector level. and it always depends what you use it for. i remember in the 50s and 60s, they had high ratios because they invented a lot of money in plant and equipment and infrastructure. that's a different story from borrowing to spend in other words for consumption purposes. borrowing for consumption purposes advances consumption to today which would have taken place tomorrow anyways. and that house hold debt once it becomes guess sexcessive, it ca grow anymore. nobody lends you money and automatically you have structurally weaker future growth. >> so you're in the business thousand. of a quoted thomas jefferson and you are now, too, this happened -- this is all the way back -- this is a long time ago, this dude said the abuse of buying and selling votes crept in and men began to play an important part in determining elections. later on this process of corruption spread to the law courts and then the aerl and fi
comments about the potential impact of the fiscal cliff and the u.s. elections. i know you'll be around, but let's make sure the viewers stick around, too. >> absolutely. carolyn, thanks very much for that. nice shot there. it looks nice there in zurich today. joining us for the first part of the program today, founding partner at lieber investment y suisse's report card. >> >> i think dugan is right to emphasize what they anticipate that they can deliver. it's words you need to hear still on focus of roe target of 15%. it will be some time before they get there, but for a shareholder, this is an important directional drive for credit suisse. they did get beaten up very heavily in the summer by the national bank. we heard the negative segment in the focuses generally focused perhaps on the world management side being an area of shortfall, but ultimately banks are still going through a major process of restructure and reform. there's no point in pretending that just because the eurozone crisis takes many a back seat, that suddenly banks will return to being where everybody puts their mo
is not falling off a cliff. the u.s. is doing a little better but all in all the global economy has slowed down and that's a reflection of that. i must say there are people in the tech industry who say it's also that we're sort of running out of ideas, that the silicon valley 2.0 is a bit playing out and we're waiting for another wave of new ideas, we're not seeing it. it may be some mix of those things, maturing industries. i know that's funny to say about things that are only five years old but in that business maybe it's true and slowing economy. i'm not super negative that we're going to just go into a recession unless we do something on the fiscal cliff. but i do believe that with a big overhang of public debt external debt, china, we're not going to grow like gangbusters and not going to see several years of great earnings growth. this moderation is very consistent with what i would expect in this point in the recovery. >> all right, we'll leave it there. great to talk with you, thanks so much. >> thank you, maria. >> ken rogoff joining us. up next, a warning to the world from a woman who
get obama and we get the multitrillion-dollar deficit, the u.s. bond market blows up and takes the stock market with us. >> fair enough. i agree with that. but i've already called the election for romney. at least 52-48. as long as obama dent get past 48%, he's toast. and romney's going to win. but mike holland, financial conditions are easy, maybe too easy in this country. but the united states, europe and china, financial conditions are easy and getting easier. the world economy -- i know the imf said we're having a planetary slowdown. i don't know why that's any news. we already knew that. but i don't think we're having a planetary recession, mike holland. i think that's the thing that's yesterday's story or four years ago. so right now, go ahead, take some profits off the table. that's all i see going on here. take some profits off the table. get ready to come right back in and buy them. >> i think, larry, we are looking at new highs by the end of the year in the u.s. stock market. i think the u.s. economy a year from now is going to reflect just what you talked about, anim
what you see. i don't see it getting worse, but i want to hear what you see. >> i see the u.s. economy improving slowly because we're basically not an export economy as much as china is. i see china continuing to worsen. you can't believe their numbers, but if you look under the numbers you'll see they're all eroding. if you look at what companies tell us, they're all eroding. and buying, they have been stimulating. fixed asset investments up 22% year over year. that's mind-boggling. you look at europe, austerity's going to hurt. 2013's going to be a year to go away from europe. you've had big gains there and stay with the u.s. so i see one economy, the biggest economy in the world, improving. if romney gets in, i think then we go into hyperdrive in the u.s. because it's still got to be jobs led and we don't have those jobs. >> what's your favorite investment right now, steve weiss? >> my favorite investment, my newest investment is i bought j & j. they have a new ceo. i think it's been mismanaged for last decade or so. the guy with the previous guy was on an acquisition tear every day
the response to the terrorist attack on the u.s. embassy in benghazi. cnbc's own john harwood has the latest. good evening, john. >> good evening, larry. mitt romney tried to build on his successful debate last week by talking foreign policy today and attacking president obama as simply not someone leading. >> i know the president hopes for a safer, freer, and more prosperous middle east allied with us. i share this hope. hope is not a strategy. >> we don't know if that line is going to work, but we know from new polls out today he's made significant headway since the debate. puts a lot of pressure on the vice presidential debate later this week. we'll talk about it at athe bottom of the hour. >> we will see you later on that very topic. also this evening, one battleground state, michigan, will vote on a state constitutional amendment to allowing collective bargaining, unlimited wage increases, and unchecked union power. michigan's governor rick snyder says how it will disrupt his state. they paid hundreds of thousands to a chicago consulting firm for training sessions where employees chant
i was in the u.s. for it. it did come off as dour. this one was livelier. but i don't know whether there was necessarily -- the narrative is that president obama did better than last time around. whether it was as much of a game changer i think is still up for debate. in any case, president obama and mitt romney have one more debate next week. they may have left it all out on the mat last week. they were much more confrontation confrontational, repeatedly bouncing off their schotools an over the moderator. the president accused romney of selling a "sketchy deal" to fix the economy, while romney says the middle class has been crushed under obama. >> if the unemployment rate was 7.8% when he took office, it's 7.8% now. but if you calculated that unemployment rate, taking back the people who dropped out of the work force, it would be 10.7%. >> governor romney says he's got a five-point plan. governor romney doesn't have a five-point plan. he has a one-point plan. and that plan is to make sure that folks at the top play by a different set of rules. >> both men will be back on the campa
month we saw huge inflows into u.s. stock etfs. $18 billion versus $3 billion in august. in addition to which this entire rally since the end of june has been predicated on multiple expansion. that's positive sentiment. none of this has anything to do with economic growth. because the fact. matter is, it's just not there. profit growth isn't there, either. we're going to be down 2.6%. i think sentiment, actually, is way stronger than what the earnings would suggest it should be. >> scott, give us some takeaways of what people should do here as they look forward earning season. >> well, michele, i think, you know, we're in the second leg of this cyclical bull market. they need to be looking for opportunities to buy consumer discretionary stocks, technology stocks, even material stocks, which have gotten pounded here. i'm looking for continued expansion here in the states. continued expansion globally. people need to be positioned for that. we're going to see economic growth in the u.s., i think at least through 2014. i think the market is going to grind higher over the course of time.
mobile operator will buy up to 70% of the third largest u.s. carrier. about $20.1 billion and softbank will get access to a u.s. market that still shows growth compared to japan's market which is stagnating. meantime sprint will get the fire power to buy competitors and to build out its 4 g network. meanwhile a new poll finds economists forecast only tepid growth. unemployment seen back above 8% for the first half of 2013. good news comes in the quarterly survey by the national association for business economists and that is the housing market is recovering faster than expected those polls say the economy likely won't fall off the fiscal cliff. and nabe's vice president will join us along with steve liesman at 7:30 eastern. at 8:30, september retail sales and the october empire state survey. so we'll see how business conditions are around here. and then at 10:00, we have business inventories and earnings season is in full swing this week. profits of s&p 500 comes are seen dropping 3% this quarter year over year. that would be first decline that we've seen in three years. 6% of the s&p
'm melissa lee from the new york stock exchange. let's take a look at how we're setting off on u.s. futures. certainly got a lot of data when it comes to economic data. durables talking of 9.9%. we are seeing a higher open across the board for the s&p, the dow and the nasdaq. taking a look at europe, italy is down by just .10%. a road map develops for what could be a very, very good day in technology. hear what steve ballmer has to say. >>> the mini ipad is out. >>> more trouble at best buy, a major management shakedown. >>> and is cramer going to call this the come back story of the quarter? and could it keep the ceo off the hot seat? >>> we begin today of course with microsoft officially unv l unveiling it's -- the secret staging area microsoft uses to lae out it's retail stores nationwide, we talked to steve ballmer about pcs versus tablets. >> you asked me what's going to happen to the pc market and the tablet market. we can't tell them apart. but with one arrow, we have if you will gotten two birds, tablet and pc, but we don't want to let any of the innovation surface of that not be e
, it's something akin to what's been supported by overwhelming majorities in the u.s. population. and larry, here's the leverage. the leverage that the republicans handed president obama is if congress does what it does best, then we get the reset. so the president's going to put this plan forward and americans will react positively to it. >> dick armey, look, obama has already signed one version of this tax cut. what i see is an election year petulence on the part of president obama. i think that's why he's going to lose this general election. >> absolutely right. and, david, bless your heart, you and i both know that president clinton would have been and was at the table respectfully negotiating with a sense of knowledge and understanding of the depth of the budget and where the massages could be made. the only impediment to the project and the one that he always had to be fighting off, is the vice president on his left always trying to pull him back when he tried to get to a good place. this president clinton knew how to sit at the table and work things out. he would not have
, welcome to skwau"squawk on the street." i'm melissa lee live from the new york stock exchange. u.s. futures coming off a week that saw the s&p 500 down by more than 2%. green arrows looking to add some gains. mixed bag of data, retail seas up 1.1% for september. better than expected but new york manufacturing disappoi disappointing. the picture in europe, digesting a reuters report that says quit asking for a bailout in september. the biggest ones in france, up 1.1%. a road map this morning starts with a massive telecom deal. david brought you the deal and this morning, official, softbank to acquire a 70% stake in sprint. what happens with clear wire surging? does it mean a deal with pck is off the table. >> on earnings and revenues sending citi shares higher. u.s. mortgage business and lending mexico helped boost results. >> microsoft's back in the music business unveiling a service that could compete with the likes of pandora and itunes. we have an exclusive with the head of their interactive entertainment straight ahead. softbank to buy 70% of sprint for $20 billion marking the
and the possibility of so-called fiscal cliff in the u.s. is set to further send its dent on the exporters which is of course very important to the economy here. industrial activity also fell for a third month in a row and to top it all off, domestic demand is shrinking. retail sales dipped lower as koreans keep their wallets in their pockets, but all of this is in the cards. what surprised was the sharp cuts to growth projections this year and the next. meanwhile the central bank says its inflation target through 2015 to 3.5%, bok prices remaining low, those expected to stand pat until the end of this year and possibly cut once again in the first quarter of 12013. >> rhie, thanks for that. at the same time, the bank of japan minutes out today. members agree that japan's recovery has delayed considerably and some said they were concerned about the yen's strength. there's also fresh evidence of that slowing growth. core machinery orders in august dropped for the first time in three months. the manufacturing sectors were the worse shrinking the most since november 2009. ubi capital, marco, nice to
will begin to hook up, but the u.s., if it goes over the fiscal cliff, goes into recession. that's driving volatility for the whole quarter. >> everybody is saying we'll go into recession if we go off the cliff. brian, where are you on that same question? do you want to buy or sell? do you think it continues? >> this is actually towards the lower end of our trading range for the balance of the year. around 1400, that's the low point. maybe we could test down 1371 if we continue to get bad earnings. i don't think this is related to the fiscal live cliff at all. if it was, last night president obama indicated there's no way we're going to go over that, he's not going to let the spending cuts happen. what about the tax increases? the day's numbers i think was more a function of the fundamentals, bad earnings, specifically top-line revenue growth was really slow. >> but how is he going to stop the spending cuts? i didn't understand that from the debate last night. how is he going to stop the spending cuts from going through when that's the law? which, by the way, he signed. it'sautomatic. how
't assets at the firm, some of these people have private assets. >> what about bank of america? u.s. attorney in manhattan filing a civil lawsuit. based on your press release earlier this week, this is not a case you would argument against. >> not on the same principle. at this point, i would say i don't know enough about the specifics. let me make this distinction. bank of america did take over merrill lynch under federal pressure. they looked at it and were going to back away. the federal government said no. people should remember the context. this is 2008. the bush administration is desperately trying to stave off economic collapse. the validation of this whole operation is the meltdown we had when lehman brothers was allowed to fail. no one would do for lehman what bank of america did for merrill lynch and what jpmorgan-chase did forbear stearns. with regard to country wide, that was an acquisition which mr. lewis, the former ceo of -- >> right, the chairman. >> there's been a great improvement in the current ceo. i don't have the same principle. on the other hand, there were sp
with the window switches. now they've had a complete reversal, not only in the u.s. but around the world recalling 7.4 million vehicles worldwide, 2.5 million here in the u.s. it is a variety of models between '05 and '10. go to cnbc.com to find out which specific models are listed. no major injuries or deaths linked to the fire hazard. but toyota initially told the federal government that the faulty switch was not a defect, but as investigators looked further into the issue, there was a change of heart. this is the third major window switch recall we've had in the last month. toyota here in the u.s. you see, gm, a quarter million in the u.s., and honda almost 200,000 here in the u.s. we've had a slew of these problems with window switches. as we look at shares of all of three, you can see all of them have been trending lower offense the last couple of weeks. tyler, just the sheer number hear -- 7.4 million worldwide. you'd think this is huge for toyota. it is going to cost them a little over $100 million to repair but their damage to the reputation is much greater. >> it was not all that long ago
demand due to the european crisis and a slow u.s. recovery. data from europe showing industrial output in germany fell .5% in august. lots to digest. the world bank note was interesting. what they pointed out was a lot of chinese cities that had these aggressive and ambitious spending, stimulus plans to rebuild the cities might have trouble running into funding for these projects. >> i think a lot of the data that we see today is catch-up. there's just not a lot of good news out there. the brightest spot in the economy is the united states. i think it was controversial last week. we got an unemployment number suddenly that was a grand conspiracy. i didn't see it that way because perhaps i'm not a black helicopter guy. but i do think that other than the united states, there's not a lot of momentum. and china and europe can pull the world down. you see today the world being pulled down. china is not doing much to help its situation. i think the estimates for china at 7 are wrong. it should be 5.6. >> change in power coming up in china. typically there is inaction on the part of the gover
, bottom line, is the u.s. still the best house in a bad neighborhood? what should investors be doing? >> one should not panic. start to take money out of the bond portfolios that have been seeing massive inflows. perhaps some of the more cyclical names, move away from the dividend player that is are rich. the u.s. is the best house in the bad neighborhood. the good news is historically the u.s. has done well and grown even if the rest of the world economy is sort. low gdp. if we can get spark and resolution in the cliff, we'll do that. companies are in a position to spend and consumers need to buy things that they haven't spent much on. the outlook is still good. you should be allocated toward equities. >> joe, good to see you. thanks for joining us. >> my pleasure. >> back to maria with the rest of the program. >> thanks, bill. up next, inside the obama white house during the biggest financial crisis in decades. bob woodward will join me. later, actor matt damon on the job that's changing his life and saving others. innovating to bring clean water to those without. take a look at ho
and happen to be in a period where we think there's significant advantages to u.s. based companies but those advantages are being offset to some large extent by a set of policies and regulations and urn certainties on the macro level, much of it in the united states but also obviously global issues that are well known, that create an enormous amount of needed caution in the world. i'm not sure that's going to get resolved until we have significant resolution of where we are in the macro side. >> and of course the election is also a big uncertainty there. >> it certainly is. >> do things get unlocked after november 6th? what's your take on that? and also, well let's talk about the election. what kind of impact do you think after the election, things loosen up? >> i don't agree with the theory that says that its irrelevant who wins that it's just certainty. i don't think this has ever been about just certainty. it's about a set of policies either encourage or allow business growth or set of policies that tend to diminish the ability of our economy to grow to employ people. i think the election
's wrong with that? [ticking] >> when the u.s. oil companies came here in the '40s and '50s, the americans moved into the area with their families and developed it to suit their tastes and their way of life. they created a replica of american suburbia. today you could be in the outskirts of houston or los angeles. it's almost like it's an enclave within saudi arabia. it's--different from the rest of the country. >> yes, that's true, because-- >> very different. it kept a lot of the american ways. >> yes, of course. >> but blocked off from the rest. >> they are good ways. there's nothing wrong with it. these were their excellent ways. >> welcome to 60 minutes on cnbc. i'm morley safer. in this edition, we follow the flow of big oil from massive, mega billion dollar oil fields in saudi arabia to the u.s. where wall street refines the oil into a mega billion dollar commodity. we begin with a look back to 2008 when the price of oil, theoretically tied to supply and demand, suddenly became untethered. storage tanks were full, yet the price skyrocketed from $69 a barrel to nearly $150 before it
but certainly u.s. importers, certainly very sensitive to the prices they pay for chinese goods. certainly u.s. exporters like the tech something for which has been hurt. the dollar fell today. i wouldn't say it was one-to-one relation. a lot of of other things going on in the sector today. >> romney has been a china basher. they've both been china bashers but romney has been more vocal at it. what about the banks? want to just get you quickly. romney is against dodd frank. but what he really is against is too big to fail. and he said that at the debate last night. now, does that damage the outlook for some of the new york banks that romney said got kissed by too big to fail? >> i'm not so sure about that. i think that if you take a look at how this regulation is, there's a big question mark around it. i think the greater clarity as someone takes a look at this and begins to pull it apart and decide what are the good parts and the bad parts i think even for those big five they'd be better off with that clarity around what the regulatory and legislative environment truly is going forward. so i
? >> in the short term, i mean, i still think that we would probably be diversified with gold and we would be in u.s. names, levered for growth but also with healthy dividend yields and strong supportable businesses. you know, we like energy. it's not going anywhere. we like the u.s. refiners. i do like financials in the long term although, you know, i would argue that if the positive, if you will, effects of qe, if there are any, are diminishing. the laws of diminishing returns. i think that's also doing -- that subsiis reducing the net earnings banks are seeing in earnings and i think that's why we've seen bank stocks slow down. >> jeff sica, anything you're buying in equities? >> right now i like energy. i think energy has probably the most potential going forward. some of the agriculture companies. i'm in it to win it. i'm not just sitting on the sideline waiting in every area. there are stocks that have some potential because they're backed by things like commodities. they have the ability to increase in value. as we start to see this inflationary trend start to pick up. >> all right. gentlemen
'easter and be a massive storm with massive impacts across the northeastern and mid-atlantic parts of the u.s. i'll have the story from the weather channel in just a few minutes. >> all right thanks very much. but first up, the cia is denying a report that it refused to help its operatives on the ground the night of the benghazi attack. cnbc eamon javers has more on this one. good evening. >> reporter: good evening. the cia is pushing back aggressively against these media reports. let me bring you what the cia is saying this evening. they say we can say with confident that the agency reacted quickly to aide our colleagues during that terrible evening in benghazi. moreover no one at any level in the cia told anybody not to help those in need. claims to the contrary is inaccurate. he went on say how many officer on the ground fared that evening. the cia pushing back make it clear that the agency didn't tell anyone who was involved in that attack on that compound not to go to the aid of their comrades. >> one quick question. does that leave the door open, the way that cia response was written, that some hi
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